According to the new market research report “Digital Signature Market by Solution (Software and Hardware), Services, Deployment, Application (BFSI, Government and Defence, Legal, Real Estate, Manufacturing and Engineering, Healthcare and Lifesciences) and Region – Global Forecast to 2021″, published by MarketsandMarkets™, size is estimated to grow from USD 662.7 Million in 2016 to USD 2657.0 Million by 2021, at an expected Compound Annual Growth Rate (CAGR) of 32.0% from 2016 to 2021.
The rising need for digital signature solutions, effective authentication, and the need for security are increasing the demand for the digital signature market.
“Software solutions are expected to grow at the highest CAGR during the forecast period”
Among the solutions segment, the software solution segment is expected to grow with a higher CAGR than the hardware solution segment. The main reason for this explicitly is software solutions are gaining traction, based on the need to decrease cost and time-taken for transactions. The software subsegment is majorly contributing to the growth of this market, due to the need for its implementation among different industries for improved compliance and greater end–user benefit. Whereas, the hardware solution has a lesser scope than the software solution in this market and is being used to store the digital signature-related information. Digital signature vendors are emphasizing on offering customizable solutions to accelerate their growth in this market.
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“The on-premises deployment model is expected to exhibit a larger market share during the forecast period”
The on-premises deployment model is contributing the most, when compared with the cloud deployment model. This is due to its acceptance among enterprises across verticals and in this deployment mode, the solution is deployed on the client’s system, thereby insuring them with data security & compliance. On-premises deployment offers more flexibility and control over enterprises and can be regulated by clients themselves.
“Europe is expected to witness a high growth potential during the forecast period”
North America held the largest market share in 2016, while Europe would be the fastest-maturing in terms of CAGR. Since newly introduced electronic signature regulations in Europe would boost cross-country trading among the European countries, the need for secure reliable transactions, authenticating the identity of the user over digital network, and the new release of regulations for electronic signatures by the European Electronic Messaging Association are driving the adoption of digital signature solutions in Europe.
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The major application providers in the digital signature market include Adobe Systems, Inc., Gemalto, Inc., Secured Signing Limited, Signix, Ascertia, Entrust Datacard Corp., eSignLive, RPost Technologies, Kofax Limited, DocuSign, and IdenTrust, Inc.
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